Rating Index
Pros
Commission-free trading for stocks, ETFs, and options
Advanced and customizable trading platform with robust research tools
Access to Hong Kong and Chinese investments
Cons
Limited product and account types offered, with no IRAs or cryptocurrencies
High transfer-out fees for moving funds or securities
Tools and trading platforms may be overwhelming for beginners
Moomoo broker Accounts
Moomoo Account Type
Moomoo offers a limited selection of account types for its users. The available account types include:
- Individual Margin Account: This account allows users to trade on margin, which means they can borrow funds from the broker to purchase securities.
- Tax-Free Savings Account (TFSA): Available for Canadian users, this account allows for tax-free growth on investments.
- Registered Retirement Savings Plan (RRSP): Also for Canadian users, this account is designed for retirement savings with tax advantages.
- Individual Cash Account: This account requires users to pay for all securities purchases in full, with no borrowing allowed.
Moomoo Broker Account Opening Process
To open a Moomoo account, follow these steps:
- Download the Moomoo App: Available on both iOS and Android platforms.
- Register: Open the app and tap on "Get Started" to begin the registration process.
- Provide Basic Information: Enter personal details such as your tax identification number and address.
- Confirm Financial Information: Acknowledge the risk disclosure and confirm your financial details.
- Account Approval: New accounts are usually approved within the same day but may take 1-3 business days in some cases. You will be notified once your account is approved.
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Explore broker markets account types: forex/trading accounts with demo access.
Moomoo accounts can be viewed for products that can be traded accounts with a minimum deposit of by (2+) .